BITCOIN AFTER THE DUMP, Important Determinations!!

Hello,

Welcome to this analysis about Bitcoin and the 12-hour timeframe perspectives. Recently Bitcoin heavily dumped to the downside because several factors technical as well as fundamental came together and moved into this heavy bearish acceleration to the downside. We have seen old economy investor participants shooting against Bitcoin such as Charlie Munger who yells at Bitcoin and compares it to the Dot-Com bubble, besides that regulatory pressures in several countries increased the SEC continues to reject Bitcoin ETFs, all these factors giving fuel for this heavy dumping to the downside which occurred. Now as Bitcoin moved on with these bearish volatilities it formed a pivotal structure from where further assessments need to be done, therefore I discovered all the important levels and upcoming determinations that are highly inevitably pivotal to consider in this case.

As when looking at my chart we can watch there how Bitcoin dumped right away into this main support zone between the 42.350 and 43.450 USD level which is a crucial support to hold here, besides that Bitcoin moved on with the first wave-A in the structure and now as Bitcoin initially found support an initial bounce to the upside is likely nevertheless when this bounce moves on it will test remaining resistances in the structure which Bitcoin has within resistance-cluster where several resistances such as the descending-resistance-line, the ascending-resistance-line, the 200-EMA, and the 20-EMA coming together. There is a high likelihood given that when Bitcoin moves into this zone there comes a pullback to the downside as this resistance is just to strong.

Taking all these factors into the consideration when Bitcoin moves on with the wave-B development as it is shown in my chart it will be important how Bitcoin moves on after this because when the pullback comes as suggested this will form the wave-C in the structure in which Bitcoin is likely to test the remaining supports from where a bounce can occur however when Bitcoin does not hold this support sustainably and bounces below it as it is shown in my chart this will lead to a bearish continuation downward and the wave-C-extension in the bearish-continuation-zone. Therefore, with these objections it will be highly important how Bitcoin continues with the wave-count here before moving on to further determinations, for now, we should not underestimate the bearish possibility here and keep prepared for potential further volatility, it will be an important development.

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Information provided is only educational and should not be used to take action in the markets.